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PROMESA
The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is a U.S. federal law enacted in 2016 that serves as a custom-made Bankruptcy law for Puerto Rico. It establishes a process for restructuring debt, and expedited procedures for approving critical infrastructure projects in order to combat the Puerto Rican government-debt crisis. Through PROMESA, the US Congress established a Financial Oversight and Management Board, known colloquially in Puerto Rico as "la junta," to oversee the debt restructuring. With this protection the then-governor of Puerto Rico, Alejandro García Padilla, suspended payments due on July 1, 2016. The FCB's approved fiscal austerity plan for 2017-2026 cut deeply into Puerto Rico's public service budget, including cuts to health care, pensions, and education, in order to repay creditors. By May 2017, with $123 billion in debt owed by the Puerto Rican government and its corporations, the FCB requested the "immediate" appointment of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Puerto Rican Government-debt Crisis
The Puerto Rican government-debt crisis was a financial crisis affecting the government of Puerto Rico. The crisis began in 2014 when three major credit agencies downgraded List of bonds issued by Puerto Rico, several bond issues by Puerto Rico to "junk status" after the government was unable to demonstrate that it could pay its debt. The downgrades, in turn, prevented the government from selling more bonds in the open market. Unable to obtain the funding to cover its budget imbalance, the government began using its savings to pay its debt while warning that those savings would eventually be exhausted. To prevent such a scenario, the United States Congress enacted a law known as PROMESA, which appointed an oversight board with ultimate control over the Commonwealth (U.S. insular area)#Commonwealth of Puerto Rico, Commonwealth's budget. As the PROMESA board began to exert that control, the Puerto Rican government sought to increase revenues and reduce its expenses by increasing ta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Puerto Rico
; abbreviated PR), officially the Commonwealth of Puerto Rico, is a Government of Puerto Rico, self-governing Caribbean Geography of Puerto Rico, archipelago and island organized as an Territories of the United States, unincorporated territory of the United States under the designation of Commonwealth (U.S. insular area), commonwealth. Located about southeast of Miami, Miami, Florida between the Dominican Republic in the Greater Antilles and the United States Virgin Islands, U.S. Virgin Islands in the Lesser Antilles, it consists of the eponymous main island and numerous smaller islands, including Vieques, Puerto Rico, Vieques, Culebra, Puerto Rico, Culebra, and Isla de Mona, Mona. With approximately 3.2 million Puerto Ricans, residents, it is divided into Municipalities of Puerto Rico, 78 municipalities, of which the most populous is the Capital city, capital municipality of San Juan, Puerto Rico, San Juan, followed by those within the San Juan–Bayamón–Caguas metro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ricardo Rosselló
Ricardo Antonio Rosselló Nevares (; born March 7, 1979) is an American former politician, businessman, neurobiologist and educator. He served as Governor of Puerto Rico from 2017 until his resignation in 2019. In 2021, he returned to active politics by receiving 53,823 write-in votes as a congressional shadow delegation member, becoming the first Puerto Rican politician to be directly nominated. He is the son of Pedro Rosselló, a former governor of Puerto Rico and pediatric surgeon. Rosselló studied chemical engineering biomedical engineering and economics at the Massachusetts Institute of Technology (MIT), researching adult stem cells, earned his master’s and doctorate from the University of Michigan and postdoctoral studies in neuroscience and neurobiology at Duke University. In 2010, Rosselló founded the political advocacy group ''Boricua ¡Ahora Es!'' to advocate for changing the current political status of Puerto Rico. Rosselló supports Puerto Rican statehood. F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Oversight And Management Board For Puerto Rico
Financial Oversight and Management Board for Puerto Rico (FOMBPR), colloquially known as ''La Junta de Control/Supervisión Fiscal'' is a government entity whose role to revise and approve the budget and obligations of the government of Puerto Rico was created by federal law PROMESA. History Creation On August 31, 2016, Barack Obama appointed the seven members of the board. In March 2017, Natalie Jaresko, former Minister of Finance in Ukraine, was appointed as the board's executive director. Her chairmanship was accompanied by multiple protests against the FOMBPR in Puerto Rico, the largest being a protest of 100,000 people in San Juan in the summer of 2019, before announcing her resignation in February 2022 effective on 1 April 2022. In 2019, Christian Sobrino, PROMESA's Representative of the Puerto Rican government, resigned in the wake of the Telegramgate scandal effective immediately on July 13, 2019. Robert Mujica became the Oversight Board's executive director on January ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natalie Jaresko
Natalie Ann Jaresko (born April 24, 1965, also known as Natalia Ivanivna Yaresko) is an American-born former U.S. State Department official and Ukrainian Investment banking, investment banker who served as Ukraine's Ministry of Finance (Ukraine), Minister of Finance from December 2014 until April 2016.New Cabinet formed in Ukraine UNIAN (14 April 2016) On 20 March 2017, she was appointed as executive director of the Financial Oversight & Management Board for Puerto Rico. Jaresko announced her resignation from the PROMESA board effective April 1, 2022. Since April 2022, she has been working as chairman of the Aspen Institute Kyiv and advisor for the non-profit Stronger Than Ever. Early life and education Jaresko was born on 24 April 1965 in ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Skeel
David Arthur Skeel, Jr. (born September 10, 1961) is an American law professor specializing in bankruptcy law and corporate law. He is the S. Samuel Arsht Professor of Corporate Law at the University of Pennsylvania Law School, a position he has held since 2004. Biography Skeel received a B.A. from the University of North Carolina at Chapel Hill and a J.D. from the University of Virginia School of Law. From 1987 to 1988, he clerked for the Honorable Walter K. Stapleton of the United States Court of Appeals for the Third Circuit. From 1988 to 1990, he was an associate in the law firm Duane, Morris, and Heckscher, within the firm's reorganization and finance department. From 1990 to 1998, Skeel taught at Temple University School of Law, where he was an associate professor from 1993 to 1998 and an assistant professor from 1990 to 1993. Skeel joined the University of Pennsylvania Law School in 1999. He specializes in corporate law, and is the S. Samuel Arsht Professor of Corporate L ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arthur Gonzalez
Arthur J. Gonzalez is a senior fellow at New York University School of Law and member of the PROMESA oversight board in charge of resolving the Puerto Rican government-debt crisis. Before his retirement from the bench, he was chief judge of the United States Bankruptcy Court for the Southern District of New York. Gonzalez received his undergraduate degree from Fordham University in 1969. Following graduation, he worked as a New York City public school teacher until 1982, earning a master's degree from the Brooklyn College School of Education. After earning a law degree in the Evening Program at Fordham in 1982, Gonzalez became an attorney for the Manhattan District Counsel Office of the Internal Revenue Service (IRS). He left the IRS in 1988 and worked as a private lawyer for several firms. During this period, he earned a Master of Laws from New York University (NYU). In 1991, Gonzalez re-entered government to become an Assistant United States Trustee for the Southern District of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alejandro García Padilla
Alejandro Javier García Padilla (; born August 3, 1971) is a Puerto Rican politician and attorney who served as the governor of Puerto Rico from 2013 to 2017. Prior to this position, García Padilla held various roles in the political landscape of Puerto Rico; first as Secretary of Consumer Affairs, and then as a member of the 24th Senate of Puerto Rico and as president of the Popular Democratic Party. Locally, he is a staunch advocate for maintaining the current political status of Puerto Rico as that of an unincorporated territory of the United States with self-government, while at the national level he is allied with the Democratic Party. As governor, García Padilla shared his legislative powers with the 25th Senate and 29th House of Representatives, both controlled by his party. Regardless of this, he was not able to persuade several members of his own party to support his proposals. This failure, in addition to his low popularity, ultimately led him to not se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Democratic Party (United States)
The Democratic Party is a Centre-left politics, center-left political parties in the United States, political party in the United States. One of the Major party, major parties of the U.S., it was founded in 1828, making it the world's oldest active political party. Its main rival since the 1850s has been the Republican Party (United States), Republican Party, and the two have since dominated American politics. The Democratic Party was founded in 1828 from remnants of the Democratic-Republican Party. Senator Martin Van Buren played the central role in building the coalition of state organizations which formed the new party as a vehicle to help elect Andrew Jackson as president that year. It initially supported Jacksonian democracy, agrarianism, and Manifest destiny, geographical expansionism, while opposing Bank War, a national bank and high Tariff, tariffs. Democrats won six of the eight presidential elections from 1828 to 1856, losing twice to the Whig Party (United States) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of the longest-running newspapers in the United States, the ''Times'' serves as one of the country's Newspaper of record, newspapers of record. , ''The New York Times'' had 9.13 million total and 8.83 million online subscribers, both by significant margins the List of newspapers in the United States, highest numbers for any newspaper in the United States; the total also included 296,330 print subscribers, making the ''Times'' the second-largest newspaper by print circulation in the United States, following ''The Wall Street Journal'', also based in New York City. ''The New York Times'' is published by the New York Times Company; since 1896, the company has been chaired by the Ochs-Sulzberger family, whose current chairman and the paper's publ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States District Court For The District Of Puerto Rico
The United States District Court for the District of Puerto Rico (in case citations, D.P.R.; ) is the United States district court, federal district court whose jurisdiction comprises the Commonwealth of Puerto Rico. The court is based in San Juan, Puerto Rico, San Juan. The main building is the Clemente Ruiz Nazario United States Courthouse located in the Hato Rey district of San Juan. The United States magistrate judge, magistrate judges are located in the adjacent Federico Degetau Federal Building, and several senior status, senior district judges hold court at the Jose V. Toledo Federal Building and U.S. Courthouse in Old San Juan. The old courthouse also houses the U.S. Bankruptcy Court. Most appeals from this court are heard by the United States Court of Appeals for the First Circuit, which is headquartered in Boston but hears appeals at the Old San Juan courthouse for two sessions each year. Patent claims as well as claims against the U.S. government under the Tucker Ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Appointments Clause
The Appointments Clause of the United States Constitution empowers the president of the United States to nominate and, with the advice and consent (confirmation) of the United States Senate, appoint public officials. Although the Senate must confirm certain principal officers (including ambassadors, Cabinet of the United States, Cabinet secretaries, and United States federal judge, federal judges), Congress may by Act of Congress, law invest the appointment of "inferior" officers to the President alone, or to courts of law or heads of departments. Text The Appointments Clause appears at Article II, Section 2, Clause 2 and provides: Appointments Clause aspects Nomination The president has plenary power to nominate political appointees, and the Senate's role is only advisory to the nomination, because the president is not bound to appoint his own nominee even with their advice. As Gouverneur Morris stated in the Constitutional Convention (United States), Constitutional Conventio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
